Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,200/mo
Lowest payment- Down payment
- $109,738
- Funds due
- $119,041
- Interest + MI left
- $83,979
- First ends
- Jul 2049
Assumption
Assumption + second
$1,868/mo
+$668/mo- Down payment
- $26,738
- Funds due
- $37,476
- Interest + MI left
- $241,400
- First ends
- Jul 2049
New loan
New conventional
$1,979/mo
+$779/mo- Down payment
- $26,738
- Funds due
- $34,468
- Interest + MI left
- $348,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,262 | $155,262 | $238,262 |
| Second mortgage | — | $83,000 | — |
| First P&I | $882.81 | $882.81 | $1,614.07 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $47.65 |
| Taxes, insurance & HOA | $317.00 | $317.00 | $317.00 |
| Total housing payment | $1,199.81 | $1,867.65 | $1,978.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,738
Closing costs & prepaids$10,738
Usable credit−$0
Total buyer cash needed$37,476
Earnest money paid−$0
Remaining funds due$37,476
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$776.31
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$318.00
Initial HOA (3 months)$183.00
Prepaid interest, first (9 days)$158.50
Prepaid interest, second (9 days)$184.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing22 yr 7 moOf the original 30-year loan at 4.14%
Interest already paid$52,005Through Dec 2026
Assumption only · ends Jul 2049$83,979
Assumption + second · ends Jul 2049, second Jan 2057$241,400
New conventional · ends Jan 2057$348,378